Alternate Risk Management Framework mandates alternative margining and pricing when commodity futures approach near zero or negative prices.
An Alternate Risk Management Framework applies when commodity futures approach near zero or negative prices: activation follows CC review upon specified triggers; prices are modelled as normally distributed with EWMA volatility on absolute price differences; initial margin floors include an absolute currency floor plus percentage floor on absolute prices; spread margin benefits are withdrawn; option pricing models suitable for negative underlyings are used; pre expiry and Extreme Loss Margins may be levied; deactivation requires cessation of triggers, time lag, exit thresholds, and margin convergence.

Uniform NAV applicability: closing NAV applies when funds are available, with strengthened OMS controls and allocation safeguards.
Subscriptions (except liquid and overnight schemes) receive closing NAV on the day funds are available; AMCs must adopt board and trustee approved written policies detailing OMS use, scheme wise order placement, inbuilt regulatory limits, dedicated dealers, dealing room controls, concrete pooled order allocation rules with pro rata weighted average pricing, constrained deviations requiring multi officer written approvals, segregation of margins/collaterals among schemes, and system based monitoring with audit trails, time stamping and trustee reporting of non compliance.

Listing of InvIT and REIT units in IFSC permitted subject to jurisdictional incorporation, regulation and specified exchange listings.
SEBI permits listing and trading of Units of InvITs and REITs on IFSC stock exchanges provided the trusts are incorporated/settled in Government notified Permissible Jurisdictions, regulated by the securities regulator(s) in those jurisdictions, and already listed on specified international exchanges; Annexure A contains the lists of jurisdictions and exchanges.

Margin collection requirement: upfront VaR and ELM mandatory; other margins deemed collected if pay in occurs within two working days or by early pay in.
TMs and CMs must collect upfront VaR margin and ELM from clients prior to trade; other margins may be collected within a two working day window. If client pay-in (funds or securities) occurs within two working days, or securities are early pay in to the Clearing Corporation, other margins are deemed collected and penalties for short/non-collection do not apply. If pay-in is not made within two working days and other margins are not collected by that time, applicable penalties may be levied. Clearing Corporations continue to collect upfront VaR plus ELM and other margins from TMs/CMs.

Multi Cap fund asset allocation mandates equal minimum investments across large, mid and small cap segments, compliance required.
SEBI requires Multi Cap funds to maintain a minimum equity investment of 75% of total assets, with at least 25% allocated to each of large-cap, mid-cap and small-cap equity and equity-related instruments; existing schemes must comply within one month from AMFI's next stock list publication (January 2021).

System driven disclosures enable automated identification and public dissemination of insider trading-related transactions by tagged entities.
Implementation of system driven disclosures automates continual disclosure obligations under Regulation 7(2) for promoters, promoter-group members, designated persons and directors by requiring listed companies to provide PAN or demat details to a designated depository, which will tag demat accounts at ISIN level and share daily transaction and corporate-action feeds with stock exchanges; exchanges will identify, consolidate and disseminate trades that trigger disclosure obligations on their websites on a T+2 basis.

Portfolio Managers in IFSC must meet registration, net worth, certification, client eligibility, minimum investment and fund segregation rules.
The guidelines apply SEBI PMS Regulations and IFSC Guidelines to Portfolio Managers in IFSC, permit branches of SEBI-registered intermediaries and separate companies/LLPs, require Board approval and parent entity responsibility for branch compliance and ring-fencing, and prescribe registration procedures and fees. Operational rules mandate certification standards (NISM for Indian securities), minimum net worth of USD 750,000 (with parent/subsidiary specifications), client eligibility per IFSC Guidelines Clause 9(3), minimum client investment of USD 70,000, and segregation of client funds in IFSC Banking Unit accounts, with applicability subject to conditions by SEBI, RBI and other authorities.

e-KYC Aadhaar Authentication service: NSE added to authorised providers, subject to existing compliance conditions and oversight.
Permission is granted for an additional market entity to undertake e-KYC Aadhaar Authentication service, expanding authorised providers to include the National Stock Exchange subject to existing compliance conditions. Stock exchanges and depositories must notify intermediaries, amend bye-laws for uniform implementation, report the implementation status in the next Monthly Development Report, and monitor compliance with the circular, under the regulator's powers to protect investors and regulate the securities markets.

Re-lodgement deadline for physical transfer requests: re-lodged share transfers must be completed only in dematerialised form.
Transfer deeds in physical form that were lodged before the discontinuation of physical transfers and returned for deficiencies may be re-lodged by the specified cut-off; any shares re-lodged for transfer, including pending requests, will be issued only in demat form upon re-lodgement.

Segregated portfolio trigger date set as restructuring proposal; immediate reporting obligations and temporary applicability until year-end.
The date an AMC receives a proposal for debt restructuring shall be treated as the trigger date for creation of a segregated portfolio; AMCs must immediately report such proposals to Valuation Agencies, Credit Rating Agencies, Debenture Trustees and AMFI, which will disseminate the information to members; other provisions of prior SEBI circulars on segregation and the Prudential Framework remain applicable; the modification is effective immediately for a temporary period and issued under Section 11(1) of the SEBI Act read with Regulation 77.

Margin pledge disclosures dispensed for securities pledged with brokers as collateral, simplifying reporting for ordinary margin arrangements.
SEBI dispensed with the requirement under the Takeover disclosure regime to treat shares encumbered with Trading Members or Clearing Members as acquisitions/disposals for disclosure where such securities are accepted as collateral for margin obligations by way of a margin pledge created in the depository system, aligning with prior guidance that collateral be accepted only via depository-based margin pledges and intended to simplify ordinary course stockbroking collateral practices.

Transparency in debt and money market transactions: require daily, downloadable disclosures with a shortened public time lag.
Mutual funds, AMCs, trustees and boards of trustees must disclose daily details of debt and money market securities transactions, including inter-scheme transfers, in the revised Annexure A format with a 15-day time lag. Disclosures must be comparable, downloadable as a spreadsheet and machine readable. The requirement takes effect October 1, 2020, and is issued under the regulator's powers to protect investor interests and regulate the securities market.

Default recognition relief for COVID-19-related debt restructuring allows credit rating agencies to withhold default classification with disclosure.
Credit rating agencies may, if in their assessment restructuring is solely due to COVID-19-related stress or under the designated resolution framework, refrain from recognizing such restructuring as a default, provided they make appropriate disclosure in the press release; this relaxation is extended until December 31, 2020.

Temporary relaxation for FPIs continues where lockdowns persist, with in transit applications processed under prior circular.
Temporary processing relaxations for Foreign Portfolio Investors are extended for entities located in jurisdictions still under COVID 19 lockdown until such lockdowns are lifted; in transit applications will be processed per the March 30 circular, while entities in jurisdictions where lockdowns have been lifted are not eligible for the relief. All other terms of the March 30 circular remain in force, and Designated Depository Participants and custodians are instructed to inform their FPI clients. The extension is issued under the regulator's statutory powers and anti money laundering record rules.

Power of Attorney optional for brokers-limited to exchange settlement transfers and margin pledging; off market transfers need DIS or OTP.
PoA is optional and must not be a condition for account opening; PoAs may only be used to transfer securities for exchange settlement obligations arising from trades executed through the same broker and to pledge/re pledge securities for margin in connection with such trades. Off market transfers require a client signed physical DIS or electronic DIS and depositories must obtain client consent via OTP. Stock exchanges and depositories must amend rules, disseminate the requirements and report implementation; other provisions of earlier SEBI circulars continue to apply.

Extension of compliance timeline for proxy advisors; applicability deferred due to pandemic-related requests and operational constraints.
SEBI has deferred the applicability of its Procedural Guidelines for Proxy Advisors by four months, moving the effective compliance date from early September 2020 to early January 2021, in response to requests from registered proxy advisors and operational disruptions caused by the COVID 19 pandemic; the extension is issued under SEBI's regulatory authority and the circular is published on SEBI's website.

Extension of compliance timeline for proxy adviser procedures and grievance-resolution requirements now operative from January 01, 2021.
The operative compliance date for Procedural Guidelines for Proxy Advisors and the grievance-resolution framework between listed entities and proxy advisers is extended so that both requirements become applicable from January 1, 2021; recognized exchanges must disseminate the circular and the extension is issued under the regulator's statutory powers and listing obligations framework.

Master Circular consolidates mutual fund rules on offer documents, scheme categorisation, risk management, disclosures and governance.
SEBI's Master Circular consolidates operative mutual fund circulars, prescribing comprehensive requirements for offer documentation (SID/SAI/KIM) filings and updates, scheme categorisation and minimum allocations, uniform product and plan structures including Direct Plans, risk management and stress testing protocols, rules for creation and governance of segregated portfolios after issuer-level credit events, redemption restriction conditions in systemic crises, extensive disclosure and reporting obligations (portfolio, AUM, performance benchmarked to TRI, CTRs, MCR, NSR), governance and conduct norms for trustees, AMCs, auditors and intermediaries, and technology, cyber security and AI/ML reporting obligations.

IFSC access expanded: entities based in India or abroad may provide financial services subject to Board-specified compliance.
Addition of Clause 8(3) permits entities based in India or in foreign jurisdictions to provide financial services in IFSC, provided they comply with the applicable regulatory framework and guidelines for such financial services as specified by the Board from time to time.

Accounting standards for IFSC debt issuers require IFRS/US GAAP/Ind AS compliance or a quantified reconciliation in disclosures.
Issuers listing debt securities in IFSC must prepare financial statements under IFRS, US GAAP or Ind AS or their home accounting standards. If not prepared under those frameworks, issuers must include a quantitative summary of significant differences between national standards and IFRS in disclosure documents; alternatively, for issues aimed at institutional investors a statement of differences plus a disclaimer that effects are not quantified is permissible.